National Bank of Poland: The Road to Indirect Instruments

Piero Ugolini

No 1996/010, IMF Occasional Papers from International Monetary Fund

Abstract: Poland was the first centrally planned economy in Eastern Europe to leave the Soviet bloc and introduce systemic reforms in all sectors of the economy. The transformation of the National Bank from a monobank to an institution of a market-based system and the Polish financial sector into a market-oriented banking system was an important element of the reform process and received strong support from the IMF and the international community. This paper describes the steps taken by the National Bank, analyzes the monetary situation, and makes recommendations.

Keywords: OP; bank; market; national bank; national bank of Poland; interest rates liberalization; modernization process; banking supervision system; modernization plan; Commercial banks; Open market operations; Credit; Bank supervision; Payment systems; Eastern Europe; Fiscal accounting and reporting (search for similar items in EconPapers)
Pages: 56
Date: 1996-11-04
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